New data released Monday shows that there continues to be a steady pool of tenants for the seemingly endless supply of rental apartments hitting the market in the DC area.

The region’s Class A apartment market has been experiencing record-setting absorption over the last 12 months, according to a report published Monday by real estate data firm Delta Associates. Specifically, 14,137 Class A units were absorbed during the past year, more than double the region’s 10‐year average. In Northern Virginia and DC proper, absorption rates rose dramatically, increasing 37 percent and 82 percent, respectively.

From the report:

The District set another absorption record over the past year, outpacing deliveries by over 800 units. As a result, high-rise stabilized vacancy dropped 130 basis points and is now lowest among the sub-state areas…However, the volume of deliveries over the next 12 months is expected to increase by 42% from the prior 12-month period.

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While the number of renters moving into new units is not slowing down, rent increases seem to be. Class A rents in the DC area rose 0.5 percent over the last year; in DC, rents increased at an ever-so-slightly higher rate of 0.7 percent. The Columbia Heights/Shaw sub-market has the highest rents per square foot in the city at $3.47.

Click to enlarge.

Here is a quick snapshot of average rents for high-rise Class A apartments in DC area sub-markets, as defined by Delta:

Note: The rents are an average of studios, one and two-bedroom rental rates at new buildings in the DC area.

Definitions:

Class A apartments are typically large buildings built after 1991, with full amenity packages. Class B buildings are generally older buildings that have been renovated and/or have more limited amenity packages.